Sberbank and AzMeCo sign cooperation memorandum

Sberbank and AzMeCo, an Azerbaijani methanol company, have signed a cooperation memorandum. The sides were represented by Sergey Gorkov, deputy chairman of the board of Sberbank, and Nizami Piriyev, chairman of the board of AzMeCo, the press service of the Russian bank reports.

Sberbank will co-finance projects worth about $1.5 billion, including the re-financing worth $450 million for the methanol factory in the Qaradag District of Baku, financing of commercial trade squares in Moscow, financing of a methanol factory construction in the south-western part of Russia and financing of medium and large-scale business deals in Crimea.

The memorandum will stay in force for 5 years.